was it the election last night? what's going on? the debate, rather. >> europe has been driving the market for months. ever since draghi made his comments, going back two months, we've seen confidence flowing back into equities. we've removed the downside risk for markets. i think that's continued. i think people have got confidence back from last week and we're seeing a number of, you know, good reports of pick up in china and stuff which is all helping to create a positive tone. >> so you do believe the tail risk is not as bad as it was, or you think we've seen solutions for europe? because it's hard to believe that we're seeing, you know, an overnight success there and sort of a real fundamental change. >> there's no doubt. we're not out of the woods in europe. what is very clear from what draghi said over the last couple of months is, you know, merkel is behind him. rooer t we're trying to make sure there's no huge meltdown, and there's a huge amount of political impetus to make sure we avoid any catastrophe. it's clear to us th